Vivacon: Q2 consolidated profit increases 80%
In Q2 2007, Vivacon AG improved its earnings before interest and taxes (EBIT) to €12.7mn (Q2 2006: €11.3mn). The pre-tax result increased 65% to €15.0mn, and a consolidated profit of €11.7mn was achieved—which corresponds to an increase of 80% over Q2 2006's result of €6.5mn. In Q2, the firm sold a total of 6,362 residential and business units (Q2 2006: 2,504), thereby increasing the sales volume of registered units by 128% to €262.6mn. In contrast to the previous year, however, all of 2007's portfolio transactions were processed as “share-deal� transactions, the margin of which are said by the firm to have been acquired as turnover. Thus, with €33.0mn, Q2 2007's turnover is situated under the previous year's value of €39.3mn.
EBIT increases 91% by mid-year
Relative to the corresponding period in 2006, Vivacon increased its EBIT in the first half of 2007 by 91% to €18.9mn. According to the firm, the pre-tax result increased 315% to €21.6mn, the consolidated profit 295% to €15.0mn. The number of sold residential and business units amounted to 7,468 (H1 2006: 2,546). The sales volume of the registered units increased 158% to €328.4mn. After turnover of €48.7mn by mid-year 2006, €57.5mn was achieved in the first half of 2007.
Annual forecast affirmed
Vivacon AG's total property portfolio currently amounts to more than 8,500 residential units. The board of directors affirmed its announced annual goal with a consolidated profit at a level of €54mn-€58mn, as well as earnings per share of €2.80-€3.00.